Wall Street gains with economic hopes; bank stocks jump
U.S. stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery.
Nissan to begin restart of U.S. auto plants on June 1
Japanese automaker Nissan Motor Co said Wednesday it plans to begin restarting its shuttered U.S. manufacturing operations beginning June 1.
Ackman says hedge fund up 27% year to date, dumped Berkshire
William Ackman’s hedge fund is boasting double-digit gains at a time many portfolios have sunk along with the economy during the coronavirus pandemic, after the billionaire investor plowed cash into a number of companies he already owned and dumped War…
Boeing cutting more than 12,000 U.S. jobs, thousands more planned
Boeing Co said on Wednesday it was eliminating more than 12,000 U.S. jobs, including 6,770 involuntary layoffs, as the largest American planemaker restructures in the face of the coronavirus pandemic.
BlackRock votes to split CEO, chairman roles at Exxon Mobil
Top fund manager BlackRock Inc on Wednesday said it cast an advisory vote in favor of an independent chairman at Exxon Mobil Corp and cast votes against the reelection of two directors over the company’s approach to climate risks.
U.S. businesses hammered by pandemic but see some green shoots, Fed says
U.S. businesses continued to be slammed by the effects of the novel coronavirus epidemic into the middle of May, a Federal Reserve report showed on Wednesday, and few expected a swift recovery despite some signs of hope.
Dollar treads water against euro; yuan sinks on U.S.-China tensions
The dollar steadied against the euro on Wednesday even as the common currency remained supported by news of a proposal for an economic recovery package to help the euro zone region recover from the coronavirus pandemic.
Moderna rally loses steam over COVID-19 vaccine worries
Shares of biotechs racing to make coronavirus vaccines, including Moderna Inc , fell about 10% on Wednesday, as investor concerns grew about the prospects of the experimental products that are still in early stages of development.
U.S. states sue Trump administration over fuel efficiency rollback
A group of 23 U.S. states and the District of Columbia filed a lawsuit on Wednesday challenging a Trump administration decision to weaken Obama-era fuel efficiency standards.
Stocks rally on EU stimulus plan, euro gains
Equity markets rallied on Wednesday, lifted by enthusiasm for the European Union’s plans for a 750 billion euro ($823 billion) recovery fund, but crude prices slid on concerns about unrest in Hong Kong over Beijing’s proposed national security laws.
